Brokerages Set Cummins Inc. (NYSE:CMI) Price Target at $410.50

Cummins Inc. (NYSE:CMI) has been given an average rating of “Moderate Buy” by the eighteen research firms that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation and ten have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $435.00.

A number of equities research analysts recently commented on CMI shares. Barclays lifted their target price on Cummins from $430.00 to $515.00 and gave the stock an “equal weight” rating in a report on Tuesday. Citigroup upped their price objective on shares of Cummins from $500.00 to $530.00 and gave the company a “buy” rating in a report on Friday, November 7th. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research note on Wednesday, September 3rd. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. Finally, Wolfe Research raised shares of Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th.

Insider Buying and Selling

In other news, VP Amy Rochelle Davis sold 5,002 shares of Cummins stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the transaction, the vice president directly owned 20,738 shares of the company’s stock, valued at $8,354,925.44. The trade was a 19.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Robert Enright sold 1,860 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the sale, the vice president directly owned 955 shares in the company, valued at $384,158.30. This trade represents a 66.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 38,559 shares of company stock valued at $16,842,558 in the last ninety days. Insiders own 0.41% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Cummins by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after purchasing an additional 344,680 shares in the last quarter. State Street Corp grew its holdings in Cummins by 1.4% in the second quarter. State Street Corp now owns 6,539,191 shares of the company’s stock valued at $2,141,585,000 after purchasing an additional 92,073 shares during the period. Geode Capital Management LLC increased its position in shares of Cummins by 1.3% in the second quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock valued at $1,141,138,000 after buying an additional 43,720 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of Cummins by 4.5% during the 2nd quarter. Fisher Asset Management LLC now owns 3,275,045 shares of the company’s stock worth $1,072,578,000 after buying an additional 142,058 shares during the period. Finally, Northern Trust Corp lifted its position in shares of Cummins by 1.2% during the 1st quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock valued at $597,170,000 after buying an additional 22,202 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of CMI opened at $475.70 on Wednesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The company’s fifty day moving average price is $424.13 and its 200-day moving average price is $372.39. Cummins has a 1-year low of $260.02 and a 1-year high of $484.84. The firm has a market capitalization of $65.54 billion, a PE ratio of 22.36, a price-to-earnings-growth ratio of 2.05 and a beta of 1.07.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, November 6th. The company reported $5.59 EPS for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. The company had revenue of $8.32 billion during the quarter, compared to analysts’ expectations of $7.97 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm’s revenue was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.86 EPS. On average, equities research analysts predict that Cummins will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be paid a $2.00 dividend. The ex-dividend date is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.7%. Cummins’s dividend payout ratio is presently 41.52%.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.